Foreword

This report, sponsored by Iris^® Powered by Generali, explores the impacts of identity fraud on consumers and how significant the client experience is in customer retention and new growth. This report is derived from the 2022 Identity Fraud Study: The Virtual Battleground, published by Javelin Strategy & Research in March 2022. Javelin Strategy & Research maintains complete independence in its data collection, findings, and analysis.

Overview

U.S. consumers were hammered from all sides by the threat of identity fraud in 2021. Whether by account takeover, new accounts fraudulently opened in consumers’ names, or scamming innocent consumers out of their own money, 2021 was fraught with criminals taking direct aim at consumers’ identities. Consumers lost $52 billion to traditional identity fraud ($24 billion) and identity fraud scams ($28 billion) in 2021.  No relief is in sight for consumers, at least not without the aid of organizations that can provide robust identity fraud detection, prevention, and resolution. Regardless of industry, consumers should have access to exceptional fraud resolution. But without a dedicated fraud department, customer service representatives tasked with handling a fraud-related case may not have the tools and expertise necessary for providing a quality customer experience. Organizations have ample opportunity to improve their offerings and provide a superior resolution experience—one that benefits both the consumer and the business.